Financial data and technology company ION Group is reportedly set to acquire Italian banking software provider Cedacri.

ION is in advance stages of talks to buy Cedacri for nearly €1.5bn ($1.8bn), Reuters reported citing two sources familiar with the matter.

The agreement follows an auction launched by Cedacri last year for its sale.

One of the sources told the publication that ION will finance the deal through a bridge loan.

Other bidders in the auction process included information technology (IT) giant Accenture and Italian IT services provider Engineering.

Both these firms have dropped out of the process, the report added.

Cedacri is currently spearheaded by Corrado Sciolla. The company offers banking solutions, cloud services, big data and advanced analytics to over 70 banks.

The Italian state-backed fund Fondo Strategico Italiano (FSI) owns a 27% stake in Cedacri.

14 other financial firms, including Banca Mediolanum and Unipol, are also invested in the company.

Cedacri hired Deutsche Bank to run the sale, which also attracted bids from a buyout fund Apax consortium and digital services firm Reply.

However, both these firms backed out in November last year.

ION Group is run by an Italian businessman named Andrea Pignataro.

In 2019, the fintech firm acquired a majority stake in financial news company Acuris for £1.35bn ($1.85bn).

Prior to this purchase, ION also acquired the trading software company Fidessa for £1.5bn.